PNG NEWS BLOG

TISA CAUTIONED ON BANKING BID  By DALE LUMA, December 30, 2022, The National Business. THE Papua New Guinea Chamber of Commerce and Industry has welcomed a move by the Teachers Savings and Loans Society (Tisa) to operate as a commercial bank. Chamber president Ian Tarutia, however, warned that there would be challenges. “There are challenges,” he said. “The recent Government decision to tax banks at 45 per cent and repealing the former dominant market levy of K190 million is an example. “Kina (Bank) for example has indicated shelving expansion plans since the new 45 per cent tax was announced. “So yes, this change in tax policy is a disincentive for investment or expansion by existing players.” “For new players, I am sure this will be taken into account in their planning and cost benefit decision-making.” Tarutia, the outgoing chief executive officer of Nasfund and chairman of NCSL, told The National that this was taking into consideration that the Government had repealed the domin...

PM MARAPE WELCOMES PLANS BY BANK OF CHINA TO SET UP OFFICE IN PNG Sunday Bulletin, Monday, December 26th, 2022 Prime Minister, Hon. James Marape met with the officials from the Bank of China on Wednesday, December 21, 2022, and welcomed their plans to extend their Representative Office license which they obtained from the Bank of Papua New Guinea (BPNG).  PM Marape has also encouraged the Bank of China to apply for a full commercial banking license from BPNG to set up and operate a full banking network in PNG.  The Bank of China operates in 60 countries around the world and is the world’s fourth biggest banking group. It has a diverse portfolio of investments which also includes investments in airline companies.  “It will be a very significant boost to have such a high-profile and highly-respected global banking group enter the PNG market to not only serve PNG, but also the South Pacific Region with Port Moresby as its regional headquarters,” PM Marape said, “My Governmen...

Prime Minister Hon. James Marape has welcomed the decision by Bank of Papua New Guinea (BPNG) to issue a provisional license to the Teacher’s Savings and Loans Society (TISA) to set up a fully-fledged commercial banking operation in PNG. PM MARAPE WELCOMES TEACHERS’ SAVINGS AND LOANS SOCIETY AS A COMMERCIAL BANK by  Luksave imas stap oltaim , Tuesday December  27th, 2022. Prime Minister Hon. James Marape has welcomed the decision by Bank of Papua New Guinea (BPNG) to issue a provisional license to the Teacher’s Savings and Loans Society (TISA) to set up a fully-fledged commercial banking operation in PNG. “We would like a local bank with share offering to ordinary Papua New Guineans, mothers and fathers and to our grassroot population to be set up as soon as possible,” he said. “We need truly Papua New Guinean banks which are owned by our people and are committed to better serve our people. “I await with keen eagerness to see the Teachers Savings and Loan Society formally obta...